The closure of the News of the World is a breathtaking, but entirely proportionate, response to the crisis that was engulfing the paper and Rupert Murdoch's News Corporation.

He had to do something dramatic because it was clear that his company was so badly tarnished by the almost hourly revelations of wrong-doing by the paper.

James Murdoch's statement is a comprehensive climbdown from the company's previous statements. And it covers all the bases.

It admits that the paper's staff had been guilty of unethical behaviour. It admits, to quote him, that it had been "inhuman" to indulge in phone hacking and admits that there had been lies told to parliament.

So the paper famed for 168 years is within one issue of closure. The Sunday newspaper king is dead. Long live - well, what?

With Wapping staff having been told they will move to a seven day operation, does it mean the king will live on in a different guise?

Will we be getting a Sun on Sunday? (The Sunday Sun title already exists in Newcastle, and Murdoch once tried to obtain it 30 years ago). If so, will it mean a clear-out of the current News of the World editorial?

In fairness, most of the real hacking culprits are long gone. Only Rebekah Brooks survives - but if this dramatic, arguably heroic, gesture by Rupert is to have any value at all it must mean that she should go.

This should not draw a line under the whole scandal. To close one title and open another cannot stop the inquiries into what happened, and who did what and to whom and why.

The Screws has been screwed. Indeed, it screwed itself. But now, to continue the analogy, it's time to nail the truth.